The crypto market held steady on Monday morning as investors cheered the progress on the ongoing China and US trade talks. Bitcoin price remained above $104,000, while the market cap of all coins jumped to $3.3 trillion. This article looks at some of the top coins in the crypto industry like Virtuals Protocol (VIRTUAL), Moo Deng (MOODENG), and Bonk (BONK).
Virtuals Protocol price analysis
VIRTUAL price chart | Source: TradingView
Virtuals Protocol is a top player at the intersection of artificial intelligence (AI) and the crypto industry. It is a platform that enables developers to launch their artificial intelligence (AI) agents easily.
Virtuals has attracted hundreds of developers in the past few months, with all tokens in the ecosystem having a market cap of almost $2 billion. The biggest ones are tokens like aixbt, Ribbita, GAME, VaderAI, and Luna.
VIRTUAL price has bounced back after bottoming at $0.4213 in April and has then bounced back to $2, its highest point since January 31st. The token has moved above the 50-day Exponential Moving Average (EMA) and is slowly forming a cup and handle pattern whose upper side is at $5.10, up by 152% above from the current level.
A cup and handle pattern is called so because of its performance. It has a rounded bottom, a horizontal support, and som consolidation at the top. If this pattern works out well, it means that the coin will jump to $9.55.
This target is derived from measuring the cup’s depth first – in this case 91% – and then the same distance from its upper side. It would imply that the coin has a 380% upside from the current level.
Read more: Solana price prediction: is SOL a coiled spring ready to pounce?
Moo Deng price technical analysis
Moo Deng price chart | Source: TradingView
Moo Deng, a Solana-based meme coin, has gone parabolic this month, soaring to a high of $0.33, its highest level since January 7. It has jumped in the last six consecutive days, and has moved up by over 1,240% from its lowest level this year. This surge has brought its market cap to over $277 million.
Most notably, the Moo Deng token has jumped in a high-volume environment, with its 24-hour volume being $1.35 billion. The surging volume is a sign that the coin is attracting the Fear of Missing Out (FOMO).
Moo Deng price has become highly overbought, with the Relative Strength Index (RSI) surging to the extreme overbought level of 95. There are signs that it has moved into the markup phase of the Wyckoff Theory.
Therefore, there is a risk that the coin will suffer a harsh reversal later this week as it moves into the distribution phase. If this happens, the token will likely drop to the key support at $0.048, down by 82% from the current level.
Bonk price technical analysis
Bonk price chart | Source: TradingView
The Bonk token formed a double-bottom pattern at $0.000008870 between March and April this year. It has moved above the neckline at $0.00001550, its highest level on March 26. A double bottom is one of the most bullish patterns in technical analysis.
The coin then retested the neckline at $0.00001550, confirming the bullish breakout. It has moved above the 23.6% Fibonacci Retracement level. It is about to form a mini golden cross pattern, where the 100-day and 50-day moving averages cross each other.
Therefore, the BONK price will likely keep rising as bulls target the key resistance point at $0.00002855, the 38.2% retracement point, which is about 20% above the current level. A move above that level will point to more gains, potentially to the 50% retracement level at $0.0000347, up by 45% from the current level.
Read more: Cardano price prediction: eying a 60% surge despite its ecosystem issues
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